McCoy Law Firm, PLC

Property

What Is Property?

Property is a tangible or intangible object or idea that is owned by someone and that others can be economically, physically, or otherwise excluded from. Ownership of property entails the right to possess and use the property as well as the right to exclude others from the right to possess and use the property.

Property consists of two components, possession and title. Title is the legal documentation that states who has the legal right to possess and control the property. Possession is the physical control over the property. Title and possession are very important in determining who legally owns and has the right to use the property. Title and possession may be vested in two different persons or entities. For example, someone who leases a car has possession of the car, but not title to the car.

What Is Real Property?

Real property is any interest in land including anything permanently affixed to the land. Real property is also called immovable property. Real property consists of residential real estate and commercial real estate.

What Is Personal Property?

Personal property is any interest in anything other than land. Any property that can be moved from one location to another is usually personal property. Personal property is also called movable property or chattel.

What Is Intellectual Property?

Intellectual property is an intangible personal property that refers to any invention, creation, discovery, innovation, improvement, symbol, or design used in commerce. There are four main areas of intellectual property:

Patent Law

Trade Mark Law

Trade Secret Law

Rights Property Owners Have

Property owners have the right to:

Control the use of the property

Take the benefits of the property (including profits made from the property)

Transfer or sell the property

Exclude all others

Residential, commercial and industrial real estate law practices represent individuals, developers, investors, lenders, and business users in the purchase, development, financing, sale and leasing of real estate. We partner with clients in every major sector of the industry to understand how their business objectives are best served by their real estate needs.